Ten Leadership Quotes From James Cash Penney

In a piece posted following previous J.C. Penney earnings reports, we wrote:

“J.C. Penney (NYSE:JCP) and Apple stores have one thing in common: Their appearance is meticulous, and Ron Johnson has designed them. But they are different in one respect: Apple’s stores are always crowded and sales are soaring, adding to the company’s top and bottom lines. J.C. Penney stores, on the other hand, are striving to attract customers, and sales are souring, hurting both the top and bottom lines of the company. What makes this difference?

Hype! Apple’s marketing machine and unique products already hype customers heading for its stores. They know what they want; they don’t need conventional sales promotions to be lured to the stores. But J.C. Penney doesn’t have a similar marketing machine, and its products aren’t unique either; they are carried by Macy’s, Kohl’s, Walmart, and Target —to mention a few. This means that J.C. Penney’s customers have yet to be hyped by traditional sales promotions, something Ron Johnson did away with once he assumed the helm of the company by introducing everyday low price and eliminating store coupons.”

Here we provide ten quotes from James Cash Penney that offer valuable lessons to every business leader in the retailing sector:

1. Growth is never by mere chance; it is the result of forces working together.

2. No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn't.

3. Theory is splendid but until put into practice, it is valueless.

4. I do not believe in excuses. I believe in hard work as the prime solvent for life's problems.

5. Success cannot come from standstill men. Methods change and men must change with them.

6. Determine to do some thinking for yourself. Don't live entirely upon the thoughts of others. Don't be an automaton.

7. There has never been a time when a career in the Penney Company was not a challenge that brought out the best in a man.

8. As a rule, we find what we look for; we achieve what we get ready for.

9. The greatest teacher I know is the job itself.

10. I believe in trusting men, not only once but twice - in giving a failure another chance.